Great post Michael. Despite what people say about vanity metrics, I think proving people want what you're going to build before you build it is incredibly important.
I heard Flexport did this by getting 300 companies to sign up before Ryan (the founder) wrote any code.
Eliminating risk isn't entirely possible. You could create a website for DoorDash/Ladder or Flexport, get traction, build Version 1 and then get told NO but I bet statistically you're more likely to have success with this method than building V1 first.
As an example, Optimizely got something like a $2-$4k commitment to pay without writing any code.
Again not everything works out this way. Snapchat, for example, would be a terrible example for this methodology but it works for some ideas.
Thanks! Yeah I agree; I'd still be happy if I never made the next Snapchat. I'd rather make little fun businesses that make money and can grow without too much insanity.
I heard Flexport did this by getting 300 companies to sign up before Ryan (the founder) wrote any code.
Eliminating risk isn't entirely possible. You could create a website for DoorDash/Ladder or Flexport, get traction, build Version 1 and then get told NO but I bet statistically you're more likely to have success with this method than building V1 first.
As an example, Optimizely got something like a $2-$4k commitment to pay without writing any code.
Again not everything works out this way. Snapchat, for example, would be a terrible example for this methodology but it works for some ideas.